Chapter 31 Is AUDNZD back to the uptrend?
02/05/2023
Summary
Unexpected interest rate decision in Australia Leads the market
Fundamental analysis
Fundamentally on this pair of AUDNZD, The central bank in Australia unexpectedly increased the interest rate decision to 3.85% Which gave the Australian dollar strength Tomorrow we have unemployment rates in New Zealand with a negative expectation to increase unemployment to 3.5% which gives the market negative expectation for the New Zealand dollar.
Australia's Overnight Lending Rate
Prev: 3.6%
Act: 3.85%
New Zealand Unemployment Rate
Prev: 3.4%
Fcst: 3.5%
Technical analysis
In this 1-hour diagram chart, the market price now is 1.07548, we expect the market to push the price up to the previous supply zone at 1.09000 During that push we will witness a false breakout and pull back at today's higher price at 1.08300 And we expect the market to keep pushing up to the supply zone mentioned above with the 20-moving average point down.
Trading Recommendation
Trading Direction: Long
Entry Price: 1.07860
Target Price: 1.08942
Stop Loss: 1.07320
